The Housing Rescue Law: Boon to Borrowers, But Bane to Taxpayers?

Brannum, Robert
October 2008
Banking New York;Fall2008, Issue 7, p8
Trade Publication
The article examines the objectives and impact of the housing relief law. The objectives include helping an estimated 400,000 homeowners with lower-cost loans to avoid foreclosure, helping the mortgage market recover, and bailing out mortgage lending agencies Freddie Mac and Fannie Mae. The author lists four key initiatives of the law which will be funded by taxpayers, including $300 billion in loan guarantees by the Federal Housing Agency, $3.9 billion in state assistance for foreclosed properties and $100 billion to rescue Fannie Mae and Freddie Mac.


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